WARNING MMM Nigeria Scam Beware!

MMM Nigeria Ponzi Scheme originated in Russia in the 1990s which made up to 40 million people lose an estimate of $10 million.At the beginning, the company were into importing office and computer equipment but in 1992, they were accused of invading taxes which caused the company to collapse. Fighting to survive, the company switched from selling computer and office supplies to a financial sector firm, thereby offering stocks to Russian investors. There wasn’t much profit in it, then the company switched to collecting vouchers during privatization. There was no success in it, which led the company to create it’s first Ponzi scheme in 1994 making it a success. The success of the company started attracting private investors in hopes of getting up to thousand percent in return. In February 1994, the company reported up to thousand percent return and campaigned on TV which made it grow rapidly. Other companies like Tibet, Chara, Khoper-Invest, Selenga, Telemarket, and Hermes, began to emerge after seeing the success of MMM.On July 22, 1994, the police Shut down MMM for tax invasion. Days later, the company decided to continue operation but stopped operation. While all these were going on, one of MMM subsidiaries, Invest-Consulting, owed more than $25 million and MMM owed between USD 40 million to USD 1.5 billion which led more than 50 investors to lose all their money and some committed suicide.In 1995, one of MMM fibers, Sergei Marvodi left Russia and moved to the United States, employed several special agent, rented private apartment which he changed regularly and with the help of his relative, continued another pyramid scheme under another company Stock Generation Ltd. 20,000 to 275,000 people fell for the scheme and lost up to USD 5.5 million. In 2003, Marvodi was arrested, in 2007, he was convicted of Fraud and sentenced to four and half years in prison. However, he was released in less than a month because he was in the police custody for four years. In 2011, he created another scheme MMM-2011.In 2015, MMM started operating in South Africa, promising 30% return monthly. The National Consumer Commission announced MMM as a scheme and froze Capitec Bank account.In 2016, MMM moved to Nigeria to attract Nigerians. In January 2016, the Chinese Government banned MMM from its country to prevent its citizens from registering and prevent it from coming into the country.